C&C profits from 30% revenue rise

Drinks group C&C has reported its fifth consecutive year of earnings growth, and is targeting a mid-single digit operating profit increase in its current financial year.

The Dublin-based group — whose chief revenue streams are the Irish cider market and the Scottish lager market, via its Bulmers/Magners and Tennent’s brands, yesterday reported net revenue growth of 30%, to €620.2m for the 12 months to the end of February.

Pre-tax profit grew by 6% to €116.2m, while pre-exceptional operating profit (integration costs led to an exceptional charge of nearly €21m) grew by 10.6% to €126.7m. Adjusted diluted earnings per share grew by just under 6% to 29.5c.